Hinduja brothers hail the budget as 'progressive'

Hailing the Indian budget as "progressive", Britain's richest persons, the Hinduja brothers today said that it has set direction for a "very positive long-term agenda".

The budget attempts to balance a broad stimulus and capability building agenda while meeting fiscal and deficit targets. This has been by-and-large achieved but more will have to be seen in the fine print," the Hinduja Group Chairman, SP Hinduja and the Co-Chairman GP Hinduja said in a statement here.

They said, "While the budget is welcome and a good start, execution of these plans by the Government are critical to success; a skill which the Prime Minister is well known for." Overseas Indians have always been strongly supportive of India and they deserve to be treated on equal terms with resident Indian which could have a much larger benefit to India, they said.

"We sincerely hope in the policy making process they will incorporate treating overseas Indians on equal terms with resident Indians for investments made into India especially in Defence/Insurance sector where the management control still rests with India resident entities/persons," the Hinduja brothers said.